Latest news with #JLL
Arab News
2 days ago
- Business
- Arab News
Pakistan says Roosevelt Hotel's base valuation complete, will decide on transaction structure this month
ISLAMABAD: Pakistan has completed the baseline valuation of the Roosevelt Hotel in New York and is preparing to move forward with a transaction structure this month to privatize the state-owned property, the head of the Privatization Commission told Arab News this week. The Roosevelt, a 1,015-room historic hotel in Midtown Manhattan, has long been one of Pakistan's most prominent but politically sensitive overseas assets. Acquired by Pakistan International Airlines Investment Limited (PIAIL) in 1979, the hotel occupies a full city block on Madison Avenue and 45th Street. Over the past two decades, successive Pakistani governments have floated plans to sell, lease, or redevelop the property, but no proposal has advanced beyond early-stage planning. Operations at the Roosevelt were suspended in 2020 following steep financial losses during the COVID-19 pandemic. In 2023, Pakistan entered a short-term lease with the City of New York to use the property as a temporary shelter for asylum seekers, generating more than $220 million in projected rental income. That agreement ended in 2024 and no new revenue stream has since been announced. 'We have an idea of the asset valuation in Roosevelt,' Muhammad Ali, chairman of Pakistan's Privatization Commission, said in an interview when asked about the timeline to privatize the hotel. 'We have appointed JLL [Jones Lang LaSalle], who are one of the top consultants in the US market. They have done their homework. They have done the market sounding also. We just need to get approval from the Cabinet Committee [on Privatization] on the structure, and we'll move ahead.' He added: 'So this year, before June, I'm hoping that on the Roosevelt, we will have gone ahead with execution of the transaction as far as whatever structure is decided.' VALUATION AND TRANSACTION STRUCTURE The Roosevelt, whose liabilities and losses the privatization chief did not disclose, is one of several state assets the government hopes will contribute to its target of raising Rs86 billion ($306 million) in privatization proceeds during the fiscal year starting July 1, alongside the sale of national carrier Pakistan International Airlines and three electricity distribution companies. But how much money the hotel ultimately brings in, and its overall valuation, depended on the type of transaction structure adopted, Ali said. If the government opted for a straightforward 'as-is' sale and sold the property without securing any new permissions or approvals for zoning or development, the hotel would fetch the lowest price. However, if the government first obtained the necessary permits and approvals that a buyer would typically need for redevelopment, the property's value could double compared to the 'as-is' sale. Alternatively, if the government formed a joint venture with a private investor, sharing both the risks and future profits, the hotel could be worth four to five times more than its as-is valuation. 'So, depending on what sort of structure you have, how much risk you take, how much effort the government puts in, we can make a lot of money from this asset,' the privatization chief said. 'If we go with a joint venture structure, then this year we will only get the first advance payment, so that's a small amount of money which will be coming in [FY26].'
South China Morning Post
3 days ago
- Business
- South China Morning Post
Macau luxury property The 13 Hotel sells for HK$600 million to a local buyer
The 13 Hotel , touted as one of the world's most expensive hotels, has been acquired for HK$600 million (US$76.43 million) by an unidentified investor in Macau , the city's first such property transaction in eight years. The sale of the 22-storey lodging in Macau's southernmost district of Coloane concluded a five-year search for a buyer, Savills Macau managing director Franco Liu said on Wednesday. The acquisition was Macau's first hotel transaction since the fourth quarter of 2017, according to Liu. He added that the sale price represented the biggest post- pandemic property deal in the city. The 199-room hotel had been valued at HK$2.4 billion last year, when it was first launched for tender. According to Mark Wong, senior director at JLL in Macau, the local buyer had extensive experience in the city's property market – including operating hotels – and had international real estate investments. The buyer also had strong confidence in Macau, Wong said. Savills and JLL in Macau served as joint agents in the sale of The 13 Hotel. The striking red facade of The 13 Hotel. Photo: Handout The buyer plans to redesign and renovate the property as part of plans to turn it into a tourist destination, according to Savills and JLL.
Irish Times
3 days ago
- Business
- Irish Times
Private investor pays €3.35m for large land bank near Dublin Airport
A private Irish investor has acquired a 129-acre land holding at Dunsoghly in north Dublin for €3.35 million. The price paid represents a 26 per cent discount on the €4.5 million agent Knight Frank had been guiding when it offered the property to the market in October of last year. While the lands, which are located a kilometre from the grounds of Dublin Airport and 6.5km from the airport terminal, are agricultural and laid out in tillage at present, the new owner is likely to look to have them rezoned in the future. The selling agent marketed the lands on the basis that they are ideally positioned to benefit from a rezoning to industrial and logistics use. The entire holding is zoned Objective Green Belt under the Fingal Development Plan 2023-2029. The aim of this designation is 'to protect and provide for a greenbelt'. About 75 acres of the lands are located outside the Airport Public Safety Zones. The limited supply of lands outside this zone but near Dublin Airport enhances the strategic significance of the property, according to the selling agent. In terms of its accessibility, the land is near the N2, which connects with the M50 and wider motorway network. The buyer of the Dunsoghly lands was represented by Ollie Lyons of JLL with the sale being handled by Evan Lonergan and Finín O'Driscoll at Knight Frank.
New Straits Times
3 days ago
- Business
- New Straits Times
Malaysia must strengthen role as strategic AI, data hub, says HLIB
KUALA LUMPUR: Malaysia must reinforce its position as a neutral, stable, and indispensable hub for data and artificial intelligence (AI) development to remain competitive in the rapidly evolving digital economy, said Hong Leong Investment Bank Bhd (HLIB) chief executive officer Lee Jim Leng. Lee said this goal demands bold, future-ready policies that not only catalyse homegrown AI innovation and uphold data sovereignty, but also accelerate the development of energy-efficient, sustainable data centre infrastructure, critical components of any advanced digital ecosystem. Lee added that deeper collaboration between the government, industry players, and academia will be crucial to ensuring Malaysia builds long-term competitiveness in high-performance digital infrastructure. "Malaysia is entering the era of Data Centre 2.0, a phase where the focus moves beyond basic co-location services to advanced, high-performance computing infrastructure that supports AI workloads, green innovation, and data sovereignty. "With RM6.7 billion in approved investments and another RM3.9 billion currently in advanced hyperscale discussions, Malaysia is no longer a peripheral player in the region. "Malaysia should now be positioning itself as a key digital infrastructure hub," she said at the Bursa Malaysia–HLIB Stratum Focus Series, themed "Data Centre 2.0: The Ecosystem and What's Next for Malaysia?" held here today. Lee noted that the global AI revolution is transforming every industry, and data centres are the backbone of this new digital era. However, she cautioned that this transformation is unfolding amid growing geopolitical tensions, particularly the recent US restrictions on exports of advanced AI chips, which have sent shockwaves through the global technology supply chain. "While Malaysia is not a direct target of these restrictions, we remain a vital node in an interconnected global economy. "Any disruption to the supply of high-performance chips from giants like NVIDIA and AMD will directly affect the cloud providers, hyperscalers, and enterprises that are powering our digital future," she said. Despite these global challenges, Lee believes Malaysia has a real opportunity to solidify its position. She said this shift is backed by data reflecting rising investor confidence and market interest. She pointed out that the Malaysian Investment Development Authority (MIDA) has already approved RM6.7 billion in data centre investments. While that figure is impressive, she said the additional RM3.9 billion currently under advanced discussion signals the massive opportunities still ahead. "This domestic boom is also further validated by our growing presence on the regional stage. "According to global real estate services firm Jones Lang LaSalle (JLL), Malaysia now attracts 38 per cent of all new data centre investments across the Asean region. "Even more notably, JLL projects that our market share could surpass 40 per cent by next year. "This isn't just growth. It marks a consolidation of our role as the destination of choice for digital infrastructure investment. "The momentum is clear, with RM2 billion worth of data centre construction contracts already awarded this year, proving that these multi-billion-ringgit commitments are moving quickly from blueprints to physical infrastructure," she said. Furthermore, Lee said global tech giants such as Google, Microsoft, and AWS are not only investing in Malaysia — they are doubling down, recognising the country's immense potential as a regional data powerhouse. She noted that demand for data centres continues to rise, fuelled by the rapid expansion of AI and cloud computing. Overall, Lee said the transition to Data Centre 2.0 presents both a challenge and an opportunity, but with the right strategies, Malaysia can turn global uncertainty into a national advantage and cement its leadership as Asean's digital infrastructure hub.
Time of India
4 days ago
- Business
- Time of India
Institutional investments in Indian real estate set to fall 37% to $3 billion in Jan-Jun: JLL
NEW DELHI: Institutional investments in Indian real estate are estimated to decline 37 per cent to USD 3.06 billion during the first half of this year on global economic uncertainties, according to JLL. Real estate consultant JLL India data showed that institutional investments in Indian real estate are likely to fall to USD 3.06 billion in the January-June period this year as compared to USD 4.89 billion in the year-ago period. Foreign investors' share in total institutional investments in Indian real estate is 68 per cent, while domestic players infused 32 per cent during the first half of the 2025 calendar year. "Investment transactions are experiencing extended timelines due to the challenging international economic conditions and political uncertainties," the consultant pointed out. Institutional investors continue to participate through public market channels, including Real Estate Investment Trusts ( REITs ), Qualified Institutional Placement (QIPs) and investments in listed entities, it added. Lata Pillai, Senior Managing Director, and Head of Capital Markets, India, JLL, said, "India's real estate sector remains a compelling investment destination, buoyed by both domestic and international confidence despite global economic uncertainties having presented short-term challenges in the first half of 2025." A robust pipeline of deals exceeding USD 1 billion points to sustained activity ahead, she added. "The real estate market has consistently demonstrated its staying power with annual investments surpassing the USD 5 billion threshold across the previous five years and we anticipate that capital flows for calendar year 2025 will align with these established benchmarks," Pillai said. As per the data, housing segment got maximum 38 per cent share of the total institutional investments.
